Opma 3306 - Study guides, Class notes & Summaries

Inventory is defined as the stock of any item or resource used in an organization. - True An inventory system is a set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be. - True One of the basic purposes of inventory analysis in manufacturing and stockkeeping services is to specify when items should be ordered. - True One of the basic purposes of inventory analysis i...

Mission - The reason for the firm's existence What value will be created for the customer Key Market - Who is your target client or customer? Contribution - What product or service do you provide to that client? Distinction - What makes your product or service unique, so that the client would choose you? Strategy - The plan designed to achieve a mission of the organization Shareholders - Individuals or companies that legally own one or more shares of stock in the company

A characteristic that can be used to guide the design of service systems: - ️️Services cannot be inventoried A mathematical expression that relates inventory, throughput, and flow time: - ️️Little's Law A physical inventory taking technique in which inventory is counted on a frequent basis rather than once or twice a year: - ️️Cycle Counting A probability distribution often associated with interarrival times: - ️️Exponential distribution A process structure designed to make ...

Triple down bottom line - 1. social responsibilty 2. economic prosperity 3. evironmental stewardship Social Responsibility - fair and beeficial business practices towards labor, the community, and the region in which a firm coducts its business. economic prosperity - obligation for the firm to compensate its shareholders who provide capital through stock purchases and other finance tools via a competitive return on investment. Environmental stewardship - firms impact on the environme...

Triple down bottom line - 1. social responsibilty 2. economic prosperity 3. evironmental stewardship Social Responsibility - fair and beeficial business practices towards labor, the community, and the region in which a firm coducts its business. economic prosperity - obligation for the firm to compensate its shareholders who provide capital through stock purchases and other finance tools via a competitive return on investment. Environmental stewardship - firms impact on the environme...

"Projected available balance" is a term referring to unsold finished goods inventory - ️️False 100% inspection is justified when the cost of inspection is low - ️️False A BOM file is also called - ️️Product Tree A BOM file is also called which of the following - ️️Product Tree A free trade zone operates under different rules and laws than a foreign trade zone - ️️False A lot for lot (L4L) lost sizing technique does not take into account setup costs or capacity limitati...

A company has actual unit demand for four consecutive years of 100, 105, 135, and 150. The respective forecasts were 120 for all four years. Which of the following is the resulting MAD value that can be computed from this data? - ️️MAD = ABS((100-120)+(105-120)+(135-120)+(150-120))/4 = 80/4 =20 A company has recorded the last six days of daily demand on a single product they sell. Those values are 37, 115, 93, 112, 73, and 110. The time from when an order is placed to when it arrives at the...

OPMA 3306 Chapter 1

OPMA 3306 OPMA 3306 MIDTERM REVIEW- University of Texas/OPMA 3306 OPMA 3306 MIDTERM REVIEW- University of Texas/OPMA 3306 OPMA 3306 MIDTERM REVIEW- University of Texas/OPMA 3306 OPMA 3306 MIDTERM REVIEW- University of Texas/OPMA 3306 OPMA 3306 MIDTERM REVIEW- University of Texas